SEOUL (Commodity Online): South Korea's crude oil imports has registered a decline in January, the Ministry of Knowledge Economy stated. In terms of volume, imports are down by 5.2%, the first such decline sine August. South Korea is the fifth largest crude oil importer in the world.
The oil import bill , on the contrary, rose by 18% for the month, highlighting the impact of rising crude prices. The country's natural gas import bill was cut by 18% whereas coal bill rose by 24%
The US has been stepping up pressure on South Korea to cut back on its imports from Iran and subsequently ban it. Considering that Iran is one of the major suppliers of oil, and given that such an action will only go to raise the country's energy expenditure, it remains to be seen if South Korea does in fact yield to the pressure of its ally.
